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RTNominal up6.900 +0.450 (+6.977%)

15/11/2019 17:55

{I-bank focus}Goldman revises TPs for China auto dealers

[ET Net News Agency, 15 November 2019] Goldman Sachs said the luxury segment represents
15% of Chinese passenger vehicle sales in 2019. The research house forecast luxury car
sales to grow to 4.1mn units by 2022, and 4.9mn by 2025, driven by top brands branching
out model cycles (i.e., introducing entry-level cars) and premiumizing replacement demand
in top cities.
Goldman forecast 3% growth of new car sales in 2020 (21.4mn units) after consecutive
declines in 2018-2019 and expects the luxury automakers and Japanese brands to capture the
entire incremental demand.
Reflecting the growing visibility for long-term revenue expansion, Goldman updated its
valuation methodology for premium dealership networks by rolling forward base years for
earnings from 2020 to 2021.
Goldman revised its target prices for the dealership sector as follows:
Name Target Price Rating
Zhongsheng Group (00881) HK$33.7 from HK$28 Buy
Grand Baoxin (01293) HK$2.3 from HK$2.45 Buy
Yongda Auto (03669) HK$9.2 from HK$8.53 Buy
Harmony (03836) HK$3.1 from HK$2.97 Buy
Zhengtong Auto (01728) HK$2.5 from HK$2.8 Neutral

Remark: Real time quote last updated: 13/12/2019 17:59
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